Stablecoin infrastructure provider Bastion has received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a national trust bank.
The approval will allow Bastion Platforms National Trust Company to bring its stablecoin custody, wallet, payments and white-label issuance services under a federally regulated entity. The company said the charter will add federal supervision to the state licenses it already holds.
Bastion has been developing infrastructure for enterprises and financial institutions using stablecoins. Under the proposed national trust bank structure, the company plans to provide custody for USDC and other compliant digital assets, along with wallet services and stablecoin issuance infrastructure.
The company will also offer services covering the minting, redemption and conversion of stablecoins into fiat currencies. Bastion said regulated issuers will continue to remain the issuer of record when the company provides technology and operational infrastructure for their stablecoin products.
The national trust bank charter does not make Bastion a conventional commercial bank. The proposed institution will not accept deposits or issue loans, according to the company and Cointelegraph. Instead, its operations will focus on trust and digital asset services.
Bastion said the approval follows its acquisition of a New York trust charter in February 2025 and represents a move toward operating under federal oversight. The OCC’s records list the application as a request by Bastion Platforms Trust Company to convert to a national bank.
The development comes as stablecoins gain wider use across payments and financial infrastructure. Stablecoins are digital assets generally designed to maintain a stable value against currencies such as the U.S. dollar and are increasingly being explored by financial institutions and businesses for payments, custody and settlement.
Bastion’s latest regulatory development also follows a broader expansion of federally supervised digital asset banking in the United States. In December 2025, the OCC conditionally approved five national trust bank applications, including applications involving digital asset companies such as Ripple, BitGo, Fidelity Digital Assets and Paxos.
Bastion said the national charter will allow enterprises and financial institutions to access its stablecoin infrastructure through a federally regulated counterparty. The company has also expanded its advisory and leadership team with executives who have experience across payments, financial services and other regulated industries.
The approval remains conditional, meaning Bastion must satisfy the OCC’s requirements before receiving final authorization to operate under the national trust bank charter.
